Finance and Economic Planning minister, Mr. Seth Terkper, is
presenting government’s 2014 budget and financial statement to
Parliament.
The government has christened the budget a transformational one designed to generate growth and create jobs.
Myjoyonline.com brings you live-updates of the highlights of the budget.
As a result of sound economic policies GDP has doubled in nominal terms
Positive growth rates for all sub sectors have been achieved
Ghana is among three African countries that have attracted the highest foreign direct investments; our record reflects the high investor confidence in the economy.
In August the bond issue was over subscribed.
Government is pursing accelerated development targets.
This is a truly transformational budget which highlights policies that will create jobs and expand the economy.
Single Spine Salary Structure (SSS) imposing severe strain on the economy but government, employers and organized labour are continuing negotiations
We believe we are of one mind and therefore we are determined public sector wages will not put strain on budget.
To demonstrate leadership, the president, his vice and appointees, and ministers have decided to take a voluntary 10% pay cut in 2014.
The amount to be deducted will be channeled to maternal health.
Last week Parliament passed a new VAT Act that increases the rate to 15 per cent which includes the 2.5 NHIL.
In addition to stabilising the economy, the 2.5 VAT will be applied to expanding infrastruture.
Amendments to be approved by the House:
Special import levy should close in 2014 instead of 2015
Agric and fishing imputs, medical supplies including condoms, will be exempt from special levies.
Dedication of VAT to infrastructural development should pass through the normal appropriation process.
President is committed to enhancing the living standards of the people by creating decent jobs for them.
The president is working to enhance transparent governnance.
Consistent with the medium-term objective, government is targeting a growth rate of 8 per cent for the year.
The performance of the global economy remained low for the first half of 2013. The impact of global economy on the local economy diverse.
Happenings in the middle impacts the oil prices in the country.
Provisional real GDP rate for 2013, according to the Ghana Sattistical Service is 7.4 per cent, a little less than the projected 8 per cent.
Distribution of petroleum revenue, 186 million dollars was allocated to GNPC and 316.1 million dollarGhana Heritage fund.
Inflation rose from 10.1 in January to 13.1 in October 2013 due to fuel and utility tariff adjustment.
2014 budget deficit will be 9 billion or 8.5 % of GDP
Policy initiative to achieve middle income status
The Finance Minister announced the establishment of the Ghana Infrastructure fund to deal with the huge housing deficit.
Private sector partnership
Fiscal and social intervention polices especially in fight against poverty.
On the risk management strategy of government debts, Seth Terkper annouced Liquidity management which uses short term borrowing,commercial projects design with emphasis on revenue creation and align loan policies to capital budget and programmes as some of the measures.
On the SSSS, he said in spite of SSS challenges, government remains committed to its implementation.
On market premium, government will implement white paper with immediate effect and from January 2014, existing market premium paid to workers will be abolished.
Book and Research Allowances will be repalced with a Research facility to be managed by the Ministry of Education.
Government has allocated 15 million cedis for the facility and Ministry is to develop guidelines to make the facility sustainable.
Source: [Ghana | Myjoyonline.com]
The government has christened the budget a transformational one designed to generate growth and create jobs.
Myjoyonline.com brings you live-updates of the highlights of the budget.
As a result of sound economic policies GDP has doubled in nominal terms
Positive growth rates for all sub sectors have been achieved
Ghana is among three African countries that have attracted the highest foreign direct investments; our record reflects the high investor confidence in the economy.
In August the bond issue was over subscribed.
Government is pursing accelerated development targets.
This is a truly transformational budget which highlights policies that will create jobs and expand the economy.
Single Spine Salary Structure (SSS) imposing severe strain on the economy but government, employers and organized labour are continuing negotiations
We believe we are of one mind and therefore we are determined public sector wages will not put strain on budget.
To demonstrate leadership, the president, his vice and appointees, and ministers have decided to take a voluntary 10% pay cut in 2014.
The amount to be deducted will be channeled to maternal health.
Last week Parliament passed a new VAT Act that increases the rate to 15 per cent which includes the 2.5 NHIL.
In addition to stabilising the economy, the 2.5 VAT will be applied to expanding infrastruture.
Amendments to be approved by the House:
Special import levy should close in 2014 instead of 2015
Agric and fishing imputs, medical supplies including condoms, will be exempt from special levies.
Dedication of VAT to infrastructural development should pass through the normal appropriation process.
President is committed to enhancing the living standards of the people by creating decent jobs for them.
The president is working to enhance transparent governnance.
Consistent with the medium-term objective, government is targeting a growth rate of 8 per cent for the year.
The performance of the global economy remained low for the first half of 2013. The impact of global economy on the local economy diverse.
Happenings in the middle impacts the oil prices in the country.
Provisional real GDP rate for 2013, according to the Ghana Sattistical Service is 7.4 per cent, a little less than the projected 8 per cent.
Distribution of petroleum revenue, 186 million dollars was allocated to GNPC and 316.1 million dollarGhana Heritage fund.
Inflation rose from 10.1 in January to 13.1 in October 2013 due to fuel and utility tariff adjustment.
2014 budget deficit will be 9 billion or 8.5 % of GDP
Policy initiative to achieve middle income status
The Finance Minister announced the establishment of the Ghana Infrastructure fund to deal with the huge housing deficit.
Private sector partnership
Fiscal and social intervention polices especially in fight against poverty.
On the risk management strategy of government debts, Seth Terkper annouced Liquidity management which uses short term borrowing,commercial projects design with emphasis on revenue creation and align loan policies to capital budget and programmes as some of the measures.
On the SSSS, he said in spite of SSS challenges, government remains committed to its implementation.
On market premium, government will implement white paper with immediate effect and from January 2014, existing market premium paid to workers will be abolished.
Book and Research Allowances will be repalced with a Research facility to be managed by the Ministry of Education.
Government has allocated 15 million cedis for the facility and Ministry is to develop guidelines to make the facility sustainable.
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